To meet the evolving needs of Northern Ontario businesses and organizations, FEDNOR has adjusted the eligibility criteria for the COVID-19 Regional Relief and Recovery Fund (RRRF). Eligible businesses and not-for-profit organizations can now qualify even if they have applied for, or have even received, other federal COVID-19 funding.
These changes apply to the Regional economy stream of the RRRF affecting businesses (such as incorporated companies, corporations or co-operatives), Indigenous organizations (like Indigenous/First Nation/Métis Settlement-owned businesses), as well as a variety of not-for-profit organizations and associations.
Details for businesses:
- Covers a wide range of costs, including rent, utilities, insurance and much more
- Funding up to $250,000
- Program offers 0% interest
- Payment moratorium is available up to December 31, 2022
- Repayments to be made in installments over a maximum term of five years from the date the first payment was issued
- Recipients of contributions up to $40,000 who repay 75 percent of their contribution before December 31, 2022, will be granted 25 percent funding forgiveness up to a maximum of $10,000
Important note: Eligible not-for-profit recipients qualify for non-repayable funding.
Visit the Regional Economy Stream section of the RRRF on the FedNor website for all the details.